MEG AND ANNIE GOLD DREDGING COMPANY.

Otago Witness, Issue 2572, 1 July 1903, Page 38

MEG AND ANNIE GOLD DREDGING COMPANY.

The following report for the year ended 31st May will be submitted to shareholders in the Meg and Annie Gold Dredging Company at I the fifth annual general meeting — ] "Your directors regret that the results of I the past yoai's dredging operafc ons have not ' proved as successful as was generally anticipated. For some considerable time the gold returns have been very disappointing, the bottom in several portions of the claim proving v;ry h.ud ar.d carrying very little gold. During the year your directors acquired the special claim owned and parily worked by the Annie Queen Company, adjo.r.ing the top boundary of your company's claim; and your directors are in hopes that some decent returns will be obtained from this ground. The dredge has lately undergone an extensive overhaul, and has just set to work on the Anne Queen ground. Two directors retire at this meeting, and both, being eligible, offer themselves for reelection. Tlie auditor also retires, and offers hunseii for le-election." The quantity of gold won duriug the year was 9170z 3dwt 14gr, valued at £3521 14s 3d, in addition to which the sum of £3 was received in interest, making the total revenue £3530 14s 3d. The expenditure under the heading of profit and loss was £2766 Is lOd, and the sum of £1500 — equal to 4s per share — was distributed in dividends. When the books were closed the company's liabihl'.e3 amounted to £'2SB 0s 10d, while the cash at the bank was £117 IS3 10d t though included in the latter were unpresented cheques amounting to £8-1 7s €d.